This study will examine the safety and efficacy of raloxifene HCI in the reduction of the incidence of vertebral fractures. This is a double-blind, placebo-controlled multicenter clincal trial in which all patients will receive standard doses of daily calcium and vitamin D for up to 4 years and will be randomized to either placebo or to 60 to 120 mg of raloxifene daily for the study duration. The primary end point of the study is the incidence of new vertebral fractures.